Natural disasters cost Victoria $20B over 10 years

Posted by Phil Evans on February 21, 2014

A research report released today by FoE shows that the financial cost to governments and the community in Victoria from natural disasters was almost $20 billion dollars over a ten year period from 2003 to 2013. A research report released today by FoE shows that the financial cost to governments and the community in Victoria from natural disasters was $19.937 billion dollars over a ten year period from 2003 to 2013.

The report Natural Disasters and a Warming Climate; Understanding the Cumulative Financial Impacts on Victoria is a compilation of disaster loss statistics from weather related Victorian disaster events – fires, floods, storms and heatwaves. The figures of $6,762.87 million in public costs and $13,174.2 million in insured costs are based on estimates of loss cost rather than true damage from these events.

Unless our government stops hiding from climate science, and joins the global efforts to reduce greenhouse gas emissions, it will be condemning Victorians to an ever greater cost burden from extreme weather events.

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